Credit investors

Credit ratings and outlooks

Insurer Financial Strength Ratings are assigned to operating companies and represent an insurer's ability to pay obligations to policyholders. Issuer Credit Ratings represent an issuer's ability to meet its overall financial commitments as they fall due.

Insurer Financial Strength Rating

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Entity

S&P

Moody’s

A.M.Best

Fitch

Aviva Insurance Ltd (AIL)

A+ (Stable)

Aa3 (Stable)

A (Stable)

AA- (Stable)

Aviva International Insurance Ltd (AIIL)

A+ (Stable)

Aa3 (Stable)

A (Stable)

AA- (Stable)

Aviva Life & Pensions UK Ltd

A+ (Stable)

Aa3 (Stable)

-

AA- (Stable)

Aviva Insurance Company of Canada*

A+ (Stable)

-

A (Stable)

AA- (Stable)

Aviva Assurances S.A.

A+ (Stable)

-

-

AA- (Stable)

Aviva Vie S.A.

A+ (Stable)

-

-

AA- (Stable)

Aviva Re Ltd

A+ (Stable)

-

-

-

Friends Life Ltd

A+ (Stable)

Aa3 (Stable)

-

AA- (Stable)

*S&P and A.M. Best also rate the Canadian operating entities Elite Insurance Company, Pilot Insurance Company, Traders General Insurance Company, Scottish & York Insurance Company Ltd, S&Y Insurance Company

Issuer Credit Rating

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Entity

S&P

Moody’s

A.M.Best

Fitch

Aviva plc

A- (Stable)

A2 (Stable)

a- (Stable)

A+ (Stable)

Friends Life Holdings plc

A- (Stable)

-

-

A+ (Stable)

Long term external debt and preference shares

Debt ratings are assigned to specific instruments and represent the issuer's ability to meet financial commitments in accordance with the terms of that instrument. Subordinated debt, the Direct Capital Instrument and the Step up tier 1 insurance capital securities (STICS) have equity-like characteristics and are therefore eligible to be recognised as capital by regulators and rating agencies. The lower ratings reflect this subordination.

Aviva plc

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Instrument

Nominal

Coupon

Issued

Callable

Maturity

Rating*

ISIN

Senior

€350m

0.100%

2016

-

Dec 2018

A2/A-/A

XS1490131056

Senior

€500m

0.625%

2016

-

Oct 2023

A2/A-/A

XS1509003361

Subordinated

£700m

6.125%

2001

Nov 2026

Nov 2036

A3/BBB/BBB+

XS0138717441

Subordinated

£800m

6.125%

2003

Sep 2022

Perpetual

A3/BBB/BBB+

XS0177447983

Subordinated

€500m

6.875%

2008

May 2018

May 2038

A3/BBB/BBB+

XS0364908375

Subordinated

£600m

6.875%

2008

May 2038

May 2058

A3/BBB/BBB+

XS0364880186

Subordinated

£450m

6.625%

2011

Jun 2021

Jun 2041

A3/BBB/BBB+

XS0631092581

Subordinated

€650m

6.125%

2013

Jul 2023

Jul 2043

A3/BBB/BBB+

XS0951553592

Subordinated

€700m

3.875%

2014

Jul 2024

Jul 2044

A3/BBB/BBB+

XS1083986718

Subordinated

€900m

3.375%

2015

Dec 2025

Dec 2045

A3/BBB/BBB+

XS1242413679

Subordinated

£400m

5.125%

2015

Jun 2030

Jun 2050

A3/BBB/BBB+

XS1242413166

Subordinated

C$450m

4.500%

2016

-

May 2021

A3/BBB/BBB+

CAG0683QC318

Subordinated

£400m

4.375%

2016

Sep 2029

Sep 2049

A3/BBB/BBB+

XS1488459485

Direct Capital Instrument

£500m

5.9021%

2004

Jul 2020

Perpetual

Baa1/BBB/BBB+

XS0206511486

STICS

£210m

6.875%

2003

Nov 2019

Perpetual

A3/A-/BBB+

XS0181161380

Preference shares

£100m

8.375%

1992

-

Perpetual

-/-/-

GB0002114154

Preference shares

£100m

8.750%

1992

-

Perpetual

-/-/-

GB0002124963

*Moody's/S&P/Fitch

Friends Life Holdings plc

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Instrument

Nominal

Coupon

Issued

Callable

Maturity

Rating*

ISIN

Subordinated

£162m

12.000%

2009

-

May 2021

-/A/A

XS0430178961

Subordinated

£500m

8.250%

2011

-

Apr 2022

A2/A-/A-

XS0620022128

Subordinated

$575m

7.875%

2012

Nov 2018

Perpetual

-/A-/A-

XS0851688860

*Moody's/S&P/Fitch

Short term commercial paper

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Issuer

Instrument

S&P

Moody’s

Aviva plc

Commercial paper (guaranteed by AIL)

A-1+

P-1

Aviva plc

Commercial paper

A-2

P-1

The contents of this web page are as at 20 October 2017 and are publically published by the relevant ratings agencies – we have replicated the ratings here for information purposes only, and are not providing investment advice. Professional advice from an authorised independent adviser should always be sought before acting or relying on any of the information, and we accept no responsibility for any loss which may arise from reliance on the information on this web page, or any web page(s) to which we may have provided a link.